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Monday, May 6, 2013

Graham & Doddsville Spring 2013

In this latest issue, I highlight Li Lu's interview, whom is also personal friend of Charlie Munger - I'd rather spare the details so you're forced to read the full content. Besides, Preston Athey from T. Rowe's Value Fund mentions his edge over his peers is that he managed a growth strategy before, so he was more prone to letting winners keep winning. Instead of setting a price target, he would rather compare relative valuations in order to mitigate selling too soon. A highlight is his low portfolio turnover (less than 10% in the last 10 years) mostly caused by forced selling, like takeovers.